Wells Fargo Plans for Growth in $16-Billion Horticulture Industry

ONTARIO, Calif.--(BUSINESS WIRE)--Wells Fargo (NYSE: WFC), America’s No. 1 agriculture
lender for 19 consecutive years, has positioned itself for continued
growth in the nation’s $16-billion nursery
and greenhouse
industry with the hiring of a leading commercial banker for the
expanding sector.

Barry Sturdivant, who since 2000 headed Bank of the West’s national
Nursery/Greenhouse Agribusiness Center, has joined Wells Fargo’s
National Food and Agribusiness Division and will lead its initiative
with the U.S. nursery and greenhouse industry. The most-recent United
States Department of Agriculture Census shows that nursery, greenhouse,
and floriculture production grew 13 percent from 2002 to 2007, while
sales increased from $14.7 billion to $16.6 billion.

“The addition of Barry Sturdivantreinforces our dedication to
growing our agribusiness network,” said Rob Yraceburu, head of Wells
Fargo’s National Food and Agribusiness Division. “Barry brings
specialized industry knowledge that will greatly benefit our clients in
the sector and support the continued growth of our business.”

Sturdivant is a leading authority on the greenhouse and nursery industry
and has been published in Grower Talks, Greenhouse Grower,
Nursery Product News, Nursery Management Pro, and other industry
publications.

“The need for industry expertise, combined with national and local
perspective, is rapidly increasing among wholesale nursery and
greenhouse growers,” said Sturdivant, who will work with local Wells
Fargo commercial bankers in their home markets to serve local
horticulture businesses.

Wells Fargo’s increased resources for the greenhouse and nursery
industry follow the bank’s recent expansion into food and agribusiness
in Eastern U.S. markets. In 2013, the bank announced formation of a
National Food and Agribusiness Division to replicate its western
specialization to new markets in the Midwest, South, and East.

“Nurseries are emerging from a long and deep recession and must be
cautious in growing into their improving market,” Sturdivant said.
“Frequent and personal contact from local bankers who understand the
local economy will better position these operations for success.”

For the 19th consecutive year, Wells Fargo is the nation’s
top commercial bank agricultural lender in total dollar volume,
according to the Federal Deposit Insurance Corporation data for the
first quarter of 2014. Wells Fargo has extended approximately $7.2
billion in agricultural loans, nearly 50 percent more than its closest
rivals and well ahead of all its commercial banking competitors. In
addition, RCIS – a wholly owned subsidiary of Wells Fargo – is the
nation’s largest crop insurance provider.

About Wells Fargo

Wells
Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.6 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial
finance through more than 9,000 locations, 12,500 ATMs, and the
internet (wellsfargo.com), and has offices in 36 countries to support
customers who conduct business in the global economy. With approximately
265,000 team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014
rankings of America’s largest corporations. Wells Fargo’s vision is to
satisfy all our customers’ financial needs and help them succeed
financially. Wells Fargo perspectives and stories are also available at blogs.wellsfargo.com
and at stories.wellsfargobank.com.